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First Financial Holding Co. Ltd. Interim / Quarterly Report 2022

Aug 31, 2022

52222_rns_2022-08-31_d3bcd3f9-5a88-4169-95ae-aa92fb18aaa1.pdf

Interim / Quarterly Report

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First Financial Holding 2022 1H Earnings Result

Aug 31, 2022

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Disclaimer

This presentation is provided by First Financial Holding Co., Ltd. (“FFHC”). The information contained within is not reviewed or reviewed by any accountant or any independent third party. Users should read this material in conjunction with all other public financial and operational information filed to the competent authorities by FFHC. While we endeavor to provide accurate, complete and consistent information herein, FFHC makes no guarantee or warranties as to the accuracy or correctness of all the material contained. After this presentation is released to the public, we undertake no obligation to update any relevant data to reflect any change hereafter.

Users should also notice that this presentation may contain forward-looking statements. Statements that are not historical facts, including statements relating to the implementation of strategic initiatives, future business development and economic performance are forward-looking statements. By their nature, forward-looking statements involve uncertainties, risks, assumptions and other factors that could cause actual developments and results to differ materially from our statement in this presentation. These factors include, but not limited to, regulatory developments, competitive conditions, technological developments, general economic conditions and management changes.

The information, statements or opinions in this presentation do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to buy any securities or financial instruments or any advice or recommendation respect to such securities or other financial instruments. First Group and all its affiliates representatives, no matter for their negligence or any other reasons, should not be liable for any loss or damages arising from the use of or interpretation by others of information contained within this presentation or any matter related to this document.

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Contents

  • At a Glance

  • Financial Highlight

  • Operating Results

  • Appendix

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At a Glance

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Stayed Calm amid Market Turbulence

  • Group delivered a steady result despite market turbulence in 2Q:

1H22 earnings stayed moderate for a total of NT$10,236 mn(-6.2%,YoY) when market pulled back for worries on future outlook in 2Q22. Global rate-hiking to suppress rampant inflation made some economic headwinds.

  • Bank’s earnings grew by +6.7% (YoY), significantly underpinned by strong loan growth and NIM expansion:

Bank’s lending went up by +11.2% (YoY), benefitted from resumed loan demand across all sectors. Accelerating property handovers in 2Q22 brought mortgage lending double-digit growth, shall see some hesitation ahead due to rate-hike effect.

Non-bank subsidiaries net withdrew YoY due to high-based figures:

Broker & Life’s net shadowed in 1H22 given the market turbulence and escalating risk, narrowed the investment gains.

Proactive on second half of 2022:

cycling for a more sustainable growth momentum.

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1H22 Financial Highlight

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1H22 Key Figures

Banking
NT$10,123; 98.9%
Securities
NT$180;1.8%
Investment Trust
NT$35; 0.6 %
Others
NT$(207); -2.0
Insurance
NT$28; 0.3%
1H22 Net Income Breakdown1 ( in NT$ mn)
AMC
NT$77; 0.~~7~~		 %
Key Figures( in NT$ dollar, NT$ mn, mn shares or %)
Consolidated Net Income1
Comprehensive Income
Total Assets
EPS
Book per share
Capital Stock
ROAE
3
ROAA
3
Group CAR4
Double Leverage5
~~%~~
1H22
10,2361
1,232
3,966,589
0.77
16.09
132,234
9.36%
0.54%
124.07%
109.44%
YoY %
-6.2%
-84.5%
+10.2%
-7.2%
-10.0%
+3.0%
-3.5%
-12.9%
-11.1%
+7.4%
1H21
10,9131
7,972
3,600,729
0.83
17.85
128,358
9.70%
0.62%
135.13%
102.03%

  1. Based on the classification of specific company’s business units, financial information by business segments should be listed individually.

  2. Adjusted proactively due to net receivables/payables offset.

  3. Annualized figures. . 4. Updated semi-annually.

  4. Double Leverage = Equity Investment / Shareholder Equity

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Net Income & Comprehensive Income

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1H22 Consolidated Net Income & Comprehensive Income (in NT$ mn)
↑ 3.3%
32,369
(1,531)
↓ 6.2%
(5,575) ↓ 84.5%
(12,998)
(2,029)
10,236
1,232
Net Revenue Credit Charge Insurance Operating Income Tax Net Income Comprehensive
Reserves Expense Income
1H21 Consolidated Net Income & Comprehensive Income (in NT$ mn)
31,342
(1,189)
(5,017)
(12,282)
(1,940)
10,913
7,972
Net Revenue Credit Charge Insurance Operating Income Tax Net Income Comprehensive
Reserves Expense Income
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Net Income Breakdown by Subsidiaries*

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1H22 FFHC Net Income Breakdown (in NT$ mn)
↓ 6.2%
↑ 6.7%
10,236
10,123
180 35 28 77
First Bank First Securities FSITC First Life AMC FFHC
1H21 FFHC Net Income Breakdown (in NT$ mn)
10,913
9,491
876
51 346 78
First Bank First Securities FSITC First Life AMC FFHC
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  • Major 5 subsidiaries were listed.

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1H22 Operating Results

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FFHC & First Bank Profitability -After Tax

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FFHC Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
8.12% 8.19% 7.62% 9.04% 9.70% 9.92% 8.86% 8.68% 9.36%
19,739
16,808 16,521
13,378
10,913 10,236
8,764
5,029 4,944
6M20 9M20 2020 3M21 6M21 9M21 2021 3M22 6M22
First Bank Net Income & ROAE (in NT$ mn & %)
Cumulative Net Income Annualized ROAE
7.88% 7.75% 7.16% 7.96% 8.70% 8.92% 7.97% 8.48% 9.16%
17,652
15,683 14,779
12,605
9,491 10,123
8,483
4,402 4,817
6M20 9M20 2020 1Q21 2Q21 3Q21 2021 3M22 6M22
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FB 1H22 Pre-tax Profit

1H22 Cumulative Net Revenue(in NT$ mn or %) 1H22 Cumulative Net Revenue(in NT$ mn or %) 1H22 Cumulative Net Revenue(in NT$ mn or %) 1H22 Cumulative Net Revenue(in NT$ mn or %) 1H22 Cumulative Net Revenue(in NT$ mn or %) 1H22 Cumulative Net Revenue(in NT$ mn or %)
% of FB Net Revenue (in %)
z
Item
1H21
1H22
Change
NII
67.2%
72.4%
+5.2%
Net Fee
16.5%
17.1%
+0.6%
Gain on ST Invest.
0.5%
1.9%
+1.4%
Gain on LT invest.
0.8%
0.9%
+0.1%
Gain on fin. Products
13.2%
6.0%
-7.2%
Others
1.8%
1.7%
-0.1%
Total Revenue
100.0%
100.0%
Provision Expense (net)
-5.1%
-6.1%
+1.0%
Operating Expense
-45.4%
-45.7%
+0.3%
Income Before Tax
49.5%
48.2%
-1.3%
Cumulative Net Revenue
+7.8%
22,896
24,672
1H21
1H22
Item
1H21		 1H22 Change
NII
67.2%		 72.4% +5.2%
Net Fee
16.5%		 17.1% +0.6%
Gain on ST Invest.
0.5%		 1.9% +1.4%
Gain on LT invest.
0.8%		 0.9% +0.1%
Gain on fin. Products
13.2%		 6.0% -7.2%
Others
1.8%		 1.7% -0.1%
z
Total Revenue
100.0%		 100.0%
Provision Expense (net)
-5.1%		 -6.1% +1.0%
Operating Expense
-45.4%		 -45.7% +0.3%
FB Revenue/Expense Comparison(in NT$ mn ) Income Before Tax
49.5%		 48.2% -1.3%
  1. Gross Provision expense.

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FB 1H22 Loan Book Mix

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||||||||
|---|---|---|---|---|---|---|
|% of Loan Book|[1]|
|1H22 Loan Book|[1]|(in NT$ bn or %)|
|Item|1H21|1H22|Change|
|Consumer|28.3%|28.1%|-0.2%|
|2,231.8|
|Mortgage|24.9%|24.7%|-0.2%|
|Other Consumer Loan|3.4%|3.4%|0.0%|
|Corporate Banking|71.7%|71.9%|+0.2%|
|2,006.5|+11.2%|Large Corp. Loan|7.7%|9.1%|+1.4%|
|SME Loan|[2]|40.8%|40.1%|-0.7%|
|F/X/ Loan|18.9%|19.9%|+1.0%|
|---|Overseas|11.5%|12.5%|+1.0%|
|1H21|1H22|
|Loan Book|[1]|Gov./ SOE Loan|4.3%|2.8%|-1.5%|
|Loan Book|[1]|100.0%|100.0%|
|1H22 Loan Book|[1]|Breakdown|(in NT$ bn )|
|↑|9.4%|
|895.4|
|818.2|
|↑|10.1%|
|F/X|↑|17.3%|
|550.7|
|500.3|
|444.8|
|↑|31.5%|379.2|Overseas|↑|21.5%|
|202.9|
|154.5|
|154.3|Overseas|Overseas|138.0|
|230.0|279.5|other consumer|
|loan 76.1 bn|
|1H21 1H22|1H21 1H22|1H21 1H22 1H21 1H22 1H21 1H22|
|Mortgage|Large Corp. Loan|SME Loan|[2]|F/X Loan|Others|[3]|

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  1. Loan Book does not include NALs

  2. SME as defined by the “Act for Development of Small & Medium Enterprises; both NTD & Foreign currency loan included

  3. Others included other consumer loan and Gov./SOE loan.

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FB Loan Breakdown

-QoQ Comparison

154.5
107.1
89.1
131.2
138.0
379.2
398.0
385.4
418.8
444.8
154.3
168.7
177.2
174.9
202.9
818.2
848.4
866.5
864.5
895.4
500.3
506.4
522.9
534.6
550.7
2Q21
3Q21
4Q21
1Q22
2Q22
FB Loan Growth (in NT$ bn)
2,006.5
2,028.6
2,041.1
2,123.9
2,231.8
QoQ%
↑5.1%
Mortgage↑3.0%
SME↑3.6%
Large Corp.↑16.0%
F/X↑6.2%
SME
Mortgage
F/X loan
Total loan
Large Corp.
Others		 154.5
107.1
89.1
131.2
138.0
379.2
398.0
385.4
418.8
444.8
154.3
168.7
177.2
174.9
202.9
818.2
848.4
866.5
864.5
895.4
500.3
506.4
522.9
534.6
550.7
2Q21
3Q21
4Q21
1Q22
2Q22
2,006.5
2,028.6
2,041.1
2,123.9
2,231.8
QoQ%
↑5.1%
Mortgage↑3.0%
SME↑3.6%
Large Corp.↑16.0%
F/X↑6.2%

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FB 1H22 LDR, SPREAD &NIM

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Total Loan & LDR (in NT$ bn or % ) Total Loan [1] LDR
73.14% 71.04% 70.76% 71.89% 71.66% 69.55% 69.68% 72.16% NTD 82.8%
F/X 47.3%
1,884.6 1,914.4 1,952.1 2,010.5 2,032.5 2,045.2 2,128.3 2,236.2
3Q20 2020 1Q21 2Q21 3Q21 2021 1Q22 2Q22
△
Loan-Deposit Spread / NIM ( in % ) Spread [2] NIM [2]
1.44%
1.41% 1.40% 1.39% 1.40% 1.40% 1.41% 1.40%
1.04%
0.99% 1.00% 0.98% 0.99% 1.00% 1.01% 1.02%
3Q20 2020 1Q21 2Q21 3Q21 2021 1Q22 2Q22
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  1. Total Loan = loan + import/export negotiation + NALs

  2. Annual cumulative Average Spread and NIM

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FB 1H22 Loan Yields

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FB NTD Yields & Costs Overview ( in % ) Deposit Rate (NTD) Lending Rate (NTD)
Interest Spread (NTD)
1.31%
1.27% 1.27%
1.26%
1.24%
1.70%
1.51% 1.53% 1.53% 1.53%
0.39%
0.27% 0.26% 0.26% 0.27%
2Q21 3Q21 4Q21 1Q22 2Q22
FB FX Yields & Costs Overview ( in % ) Deposit Rate (FX) Lending Rate (FX)
Interest Spread (FX)
2.23%
2.07%
2.01% 2.01% 2.03%
2.79%
2.38% 2.29% 2.28% 2.34%
0.56%
0.31% 0.28% 0.27% 0.31%
2Q21 3Q21 4Q21 1Q22 2Q22
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  • All rates are QUARTERLY* average rates.

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FB 1H22 Deposit Mix

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FB Deposit Structure (in NT$ bn ) FB Deposit CASA Rate (in %)
NTD Deposit F/X deposit
NTD CASA rate
941.3
+25.7%
748.9
△
1H22 Total
73.39%
Deposit 71.56% 70.99%
69.13%
$3,098.9 bn
+10.8% YoY
2,157.6
2,047.7
+5.4%
2020 1H21 2021 1H22
1H21 1H22
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Major Exposures to Specific Industries

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End of 1H22 - % of Loan to Industries
Non-Manufacturing (76.81%)
Total Loan Bal. [1] : NT$2,397.4bn
Manufacturing (23.19%) Hotel& Restaurant 1.97%
4.14% Petro. Construction 3.20%
Wholesale/Retail 10.42%
5.86% Metal
Real Estate 11.56%
4.31% Tech.
Transportation &
3.08%
Warehousing
3.74% Machinery
Banking & Insurance 5.14%
Other Others(mortgage
5.14% 41.44%
Manufacturing included)
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  1. Total exposures does not includes NALs and investment.

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FB 1H22 Mortgage Book

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Mortgage Yield & LTV Ratio (in %) Mortgage by Location (in %)
Mortgage NPL: 0.09% (1H22)
Loan-to-value ratio of new mortgage 45% TPE Metro.
Avg. loan-to-value ratio Mortgage Yield
East Area
4%
1.69%
1.46% 1.45% 1.44% 1.44%
10%
64.80% 64.74% 64.66% 64.45% 64.49%
Kaohsiung
45.74% 45.74% 46.03% 46.05% 46.34%
19%
10%
Tainan
2Q21 3Q21 2021 1Q22 2Q22 Taoyuan
Taichung
12%
Monthly New Mortgage Lending↑4.3% (in NT$mn) Monthly New Mortgage Lending
34,503 39,819
27,801
15,803
12,822 13,916 13,252 14,623 11,944
10,708 9,945 10,697 10,971
7,148 8,223 7,963 8,946 7,765
4M21 5M21 6M21 7M21 8M21 9M21 10M21 11M21 12M21 1M22 2M22 3M22 4M22 5M22 6M22
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FB 1H22 Fee Income Breakdown

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1H22 Cumulative Net Fee Income (in NT$ mn or %) % of Cumulative Net Fee
Item 1H21 1H22 Change
4,219 WM [1 ] 56.4% 53.0% -3.4%
Loan-related 21.0% 25.7% +4.7%
F/X 9.6% 8.6% -1.0%
+11.9%
3,772
Credit Card 4.0% 4.3% +0.3%
Other [2] 9.0% 8.4% -0.6%
1H21 1H22
Net Fee Income Cumulative Net Fee 100.0% 100.0%
1H22 Cumulative Net Fee Breakdown ( in NT$ mn )
↑ 5.1%
2,234
2,126
↑ 36.7%
1,083
792
↑ 20.7%
364 365 340 356
150 181
1H21 1H22 1H21 1H22 1H21 1H22 1H21 1H22 1H21 1H22
WM Fee [1] Loan-related F/X Credit Card Other [2]
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  1. WM Fee = Custodian Fee + Trust-related Fee + Bancassurance Fee

  2. Other represents network service fee, including overseas branches

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FB Fee Income Breakdown

-QoQ Comparison

Wealt
MGT.*		 Fee Income (in NT$ mn) Fee Income (in NT$ mn)
1,964
2,004
2,193
2,118
2,101
424
395
468
560
504
125
126
128
117
118
430
460
511
517
565
189
182
173
192
72
90
110
89
92
171
185
218
191
165
566
553
465
471
563
195
2Q21
3Q21
4Q21
1Q22
2Q22
Loan Related
Credit Card
F/X Related
Quarterly
fee income
Others
*
Mutual Fund
Custodian
h

Bancassurance
↓0.8
Mutual Fund
↓1.3%
Banca.
↓10.0%
QoQ
QoQ**
  • Wealth Management Fee = Fund sales + Bancassurance + Custodian

*Other represents network service fee, including overseas branches

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FB 1H22 Cost-to-Income Ratio

10,387
11,279
1H21
1H22
Operating Expense
1H22 Cumulative Operating Expense(in NT$ mn )
+8.6%		 10,387
11,279
1H21
1H22
Operating Expense
1H22 Cumulative Operating Expense(in NT$ mn )
+8.6%		 Item
1H21
1H22
Net Revenue
22,896
24,672
Operating Expense
(10,387)
(11,279)
Provision(Net)
(1,164)
(1,495)
Income Tax
(1,854)
(1,776)
Net Income
9,491
10,123
Cost-to-Income Ratio Analysis( in NT$ mn)
Quarterly Operating Expense & Cumulated Cost-to-Income Ratio ( in NT$ mn or % )
Operating Expense
Cumulated Cost-to-Income Ratio
Net Revenue
10,654
11,302
11,594
12,282
11,684
11,580
13,092
6,058
5,094
5,293
5,552
6,440
5,518
5,761
2020
1Q21
2Q21
3Q21
2021
1Q22
2Q22
48.38%
45.07%
45.37%
45.31%
47.76%
47.65%
45.72%

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FB 1H22 Asset Quality

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NPL Amount, Reserve, Coverage (in NT$ mn or % ) Coverage Ratio NPL Ratio NPL NPL Reserve
595.90% 601.74% 620.31% 615.86% 620.39%
527.32% 527.30%
0.24% 0.23% 0.20% 0.21% 0.20% 0.20% 0.19%
23,728 23,907 24,381 25,086 25,014 25,745 26,229
4,500 4,534 4,092 4,169 4,033 4,180 4,228
2020 3M21 6M21 9M21 2021 3M22 6M22
1
Individual & Mortgage NPL Ratios (in %) Large Corp. & SME NPL Ratios (in %)
Individual
Large Corp.
Mortgage
SME
0.33% 0.30%
0.28%
0.25% 0.25%
0.17%
0.14% 0.12% 0.12% 0.13%
0.25%
0.21%
0.19%
0.12% 0.12% 0.10% 0.10% 0.09% 0.11% 0.08%
2Q21 3Q21 4Q21 1Q22 2Q22 2Q21 3Q21 4Q21 1Q22 2Q22
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  1. Individual: mortgage and non-mortgage loan included

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FB 1H22 Overseas Profits

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1H22 FB Overseas Pre-Tax Profit Mix ( in NT$ mn or %) 1H22 FB Total Pre-Tax Profit Mix ( in NT$ mn or %)
-13.36%
Total Pre-Tax
Profit
18.94% Taiwan Domestic Market; $11,899 mn
79.34%
OBU/Greater China 65.31%
1H22
North America
Overseas
Asean
$4,128 mn
Others
15.08%
Other Overseas ; Greater China (including OBU) ;
7.17% 27.52%
Quarterly Overseas & Total PTP (in NT$ mn or %)
Overseas Total Cumulative Overseas PTP to FB Total PTP
41.74%
34.74% 35.63% 32.90% 34.69%
26.78%
5,998 6,075 6,116
5,783
5,347
3,499
2,509 2,266 2,414
1,432 1,714
676
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22
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CAR & Core Capital

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FFHC Group CAR (in %)
CAR
135.13%
130.38%
123.18% 125.21% 124.07%
120.82%
118.70%
statutory CAR 100%
FB CAR & Core Capital (in %)
13.22% 13.00% 13.43% 13.63% 14.14% 14.21% 13.71% CAR
12.28% 12.48% Tier 1
11.22% 11.11% 11.44% 11.66% 11.69%
1H19 2H19 1H20 2H20 1H21 2H21 1H22
1H19 2H19 1H20 2H20 1H21 2H21 1H22
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•New LTV method from June, 30 2021, which mainly linked to Mortgage and ADC RWA calculations.

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Appendix

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FFHC Consolidated Statement of Comprehensive Income

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FFHC Consolidated Statement of Comprehensive Income (in NT$ million or %)

Year-over-Year Comparison Year-over-Year Comparison Year-over-Year Comparison
2018
2019
2020
2021
1H21
30,268
29,604
30,483
34,588
16,492
8,526
8,676
8,853
10,383
5,080
11,733
11,729
10,992
9,525
5,141
4,880
9,072
5,928
3,356
1,971
117
138
211
185
106
0
0
0
0
0		 1H22 Change
16.5%
-2.6%
9.9%
-173.7%
-2.8%
--
-32.3%
-4.9%
-100.0%
--
237.4%
-113.3%
14.6%
3.3%
28.8%
11.1%
5.8%
-4.6%
4.5%
-6.2%
206.2%
-84.5%
-6.2%
-
-84.5%
-
-7.2%
Net interest income
Net service fee & commission
Net Insurance revenue
Gain on financial assets meas.
at fair value through P/L
Real estate investment gain
Gain on AFS financial assets		 19,212
4,948
5,648
(1,452)
103
0
Gain on financial assets at fair value
through other compre. income		 1,566
1,505
2,673
3,176
1,560		 1,056
Income from equity invest. 110
125
137
100
41		 39
Excluding gainon fin.assetsmeasured atamort.cost 22
40
63
(10)
(26)		 0
Reserve of overlay approach 0
(22)
39
(43)
(69)		 297
Net gain on F/X
Assets impairment loss
Others
Net Revenue
Net Provision for credit losses
Recovered(provided) for insurance res.
Operating Expense
Income from continued op. before tax
Income tax expenses
Consolidatednetincome		 2,499
1,147
243
877
618
(90)
(18)
(42)
67
45
618
322
(12)
400
383
60,249
62,318
59,568
62,604
31,342
(5,486)
(3,852)
(4,511)
(3,621)
(1,189)
(11,153)
(11,256)
(10,707)
(9,275)
(5,017)
(22,906)
(23,901)
(24,730)
(26,275)
(12,282)
20,703
23,309
19,620
23,433
12,854
(3,370)
(3,940)
(2,812)
(3,694)
(1,941)
17,332
19,369
16,808
19,739
10,913		 2,085
(6)
439
32,369
(1,531)
(5,575)
(12,998)
12,265
(2,029)
10,236
Other Items
Comprehensive Income		 417
7,399
(2,248)
(4,847)
(2,941)
17,749
26,768
14,559
14,892
7,972		 (9,004)
1,232
Net Income attributed to:
Parent
Minorityinterests		 17,332
19,369
16,808
19,739
10,913
0
0
0
0
0		 10,236
0
Comprehensive Income attributed to:
Parent
Minorityinterests		 17,749
26,768
14,559
14,892
7,972
0
0
0
0
0		 1,232
0
EPS1(NT$)
1.35
1.49
1.30
1.52
0.83		 0.77

27

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FFHC Non-consolidated Income Statement

FFHC Standalone Income Statement Summary in NT$ million, NT$, or %
FFHC Standalone Income Statement Summary
in NT$ million, NT$, or %
Full Year Results Year-over-Year Comparison
2018
2019
2020
2021		 1H21 1H22 Change
Operating revenues
Income from long-term investment
Other income1
Total revenues
Loss from long-term investment
Operating expenses
Other expenses and losses
Income from continued op. before tax
Income from continued op. after tax
Income from discontinued op., net of tax
Net income
EPS2(NT$)		 17,904
19,835
17,146
20,163
227
190
187
170
18,131
20,025
17,333
20,333
(321)
0
0
0
(356)
(389)
(378)
(403)
(110)
(202)
(201)
(184)
17,344
19,434
16,753
19,747
17,332
19,369
16,808
19,739
0
0
0
0
17,332
19,369
16,808
19,739
1.35
1.51
1.30
1.52		 10,972
141
11,112
0
(198)
(90)
10,824
10,913
0
10,913
0.83		 10,450
142
10,592
(18)
(191)
(103)
10,279
10,236
0
10,236
0.77		 -4.8%
0.7%
-4.7%
-
-3.5%
14.4%
-5.0%
-6.2%
--
-6.2%
-7.2%
  1. Including income other than long-term investment 2. EPS is adjusted retroactively for stock dividends

28

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FFHC Balance Sheet

FFHC Balance Sheet Summary in NT$ million or million shares

FFHC Balance Sheet Summary
in NT$ million or million shares
Year-over-Year Comparison
Full Years Result
2018
2019
2020
2021		 1H21 1H22 Change
Non-consolidated Balance Sheet Data
Long-term investment
Total non-consolidated assets
Total liabilities
Total shareholders' equity
Conolidated Balance Sheet Data
Total consolidated assets
Total liabilities
Total shareholders' equity
Parent's shareholders' equity
Minority interests
Current shares outstanding**		 217,409
232,876
234,703
241,171
224,661
241,223
243,926
248,995
19,358
21,490
22,719
24,449
205,303
219,733
221,207
224,547
2,935,204
3,206,767
3,494,502
3,739,594
2,729,901
2,987,034
3,273,295
3,515,047
205,303
219,733
221,207
224,547
205,303
219,733
221,207
224,547
0
0
0
0
123,386
124,619
128,358
129,642		 233,836
251,729
22,550
229,179
3,600,729
3,371,550
229,179
229,179
0
128,358		 232,903
249,646
36,832
212,814
3,966,589
3,753,775
212,814
212,814
0
132,234		 -0.4%
-0.8%
63.3%
-7.1%
10.2%
11.3%
-7.1%
-7.1%
--
3.0%

*figures may not match due to rounding

29

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FFHC Key Ratios

==> picture [37 x 386] intentionally omitted <==

FFHC Key Ratios

FFHC Key Ratios
2018
2019
2020
2021
1H21
1H22
Change
0.62%
0.63%
0.50%
0.55%
0.62%
0.54%
-12.9%
8.58%
9.11%
7.62%
8.86%
9.70%
9.36%
-3.5%
16.64
17.63
17.23
17.32
17.85
16.09
-9.9%
123,386
124,619
128,358
129,642
128,358
132,234
3.0%
105.90%
105.98%
106.10%
107.40%
102.03%
109.44%
7.3%
131.70%
118.70%
125.21%
130.38%
135.13%
124.07%
-8.2%
8.62%
8.91%
9.31%
9.82%
8.96%
14.75%
64.6%
Year-over-Year Comparison
Full Year Results
1H21 1H22 Change
After-tax ROAA (Annualized ratio)
After-tax ROAE (Annualized ratio)
Book Per Share
Capital Stock
Double leverage1
Group CAR2
Debt Ratio3		 0.62%
9.70%
17.85
128,358
102.03%
135.13%
8.96%		 0.54%
9.36%
16.09
132,234
109.44%
124.07%
14.75%		 -12.9%
-3.5%
-9.9%
3.0%
7.3%
-8.2%
64.6%

  1. Double leverage ratio = Long-term investment / Equity

  2. Updated semi-annually.

  3. Unconsolidated basis

30

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FB Income Statement

FB Comprehensive Income Statement Summary(Standalone) in NT$ million or %

FB Income Statement
bject to final Reviewed
FB Comprehensive Income Statement Summary(Standalone)
in NT$ million or %
2018
2019
2020
2021
1H21
1H22
Change
Net interest income
28,669
27,832
28,534
32,263
15,385
17,862
16.1%
Net fee income
7,563
7,858
7,328
7,969
3,772
4,219
11.9%
Net gain on ST invest.
98
515
655
1,014
107
479
347.7%
Net gain on LT invest.
834
903
826
763
179
226
26.3%
Net gain on other fin. products
8,396
9,932
6,710
4,516
3,025
1,470
-51.4%
Other net income
462
273
81
337
428
416
-2.8%
Net revenue
46,022
47,313
44,134
46,862
22,896
24,672
7.8%
Operating expenses
(19,863)
(20,834)
(21,350)
(22,379)
(10,387)
(11,279)
8.6%
Pre-provisiion pre-tax profit
26,159
26,479
22,785
24,483
12,509
13,393
7.1%
Provision expense
(8,480)
(6,655)
(7,900)
(6,578)
(3,003)
(3,404)
13.4%
Adjustment: bad-debt recovery
3,017
2,898
3,471
3,013
1,839
1,909
3.8%
Income before tax
20,696
22,722
18,356
20,918
11,345
11,899
4.9%
Income tax
(3,134)
(3,688)
(2,673)
(3,266)
(1,854)
(1,776)
-4.2%
Net income
17,562
19,035
15,683
17,652
9,491
10,123
6.7%
Other items
503
6,450
(1,974)
(4,425)
(2,841)
(6,154)
116.6%
Comprehensive income
18,065
25,485
13,709
13,227
6,650
3,969
-40.3%
EPS
1.97
2.14
1.73
1.94
1.00
1.07
0.07
Year-over-Year Comparison
Full Year Results

31

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FB Key Ratios

FB Key Ratios FB Key Ratios FB Key Ratios FB Key Ratios
FB Key Ratios
Year-over-Year Comparison
Full Year Results
2018
2019
2020
2021
1H21
1.64%
1.59%
1.40%
1.41%
1.40%
1.18%
1.06%
1.00%
1.01%
0.99%
43.19%
44.02%
48.38%
47.76%
45.37%
78.71%
74.29%
71.04%
69.55%
71.89%
0.32%
0.24%
0.24%
0.20%
0.20%
0.34%
0.28%
0.24%
0.19%
0.21%
0.23%
0.08%
0.20%
0.24%
0.14%
389.64%
527.52%
527.32%
620.31%
595.90%		 1H22 Change
2.86%
5.05%
0.77%
0.38%
-5.00%
-4.76%
0.00%
4.11%
Loan to deposit spread
Net Interest Margin
Cost to income ratio3
Loan to deposit ratio1
NPL ratio
Domestic NPL ratio
Overseas NPL ratio
Coverage ratio		 1.44%
1.04%
45.72%
72.16%
0.19%
0.20%
0.14%
620.39%
CAR
Tier-1		 13.57%
13.00%
13.63%
14.21%
14.14%
11.58%
11.11%
11.66%
12.48%
12.28%		 13.71%
11.69%		 -3.04%
-4.80%
ROAA2
0.65%
0.64%
0.49%
0.51%
0.56%
ROAE2
8.71%
8.97%
7.16%
7.97%
8.70%
1. Loan to depoist ratio = total loan / total deposit
2 Annualized fiures		 0.54%
9.16%
. g.

32

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FB Loan Quality

FB NPL Migration in NT$ million or %

FB NPL Migration
in NT$ million or %
2020
2021
Q1
Q2
1H21
1H22
Change
NPL- beginning
4,249
4,500
4,033
4,180
4,500
4,033
-10.4%
Net new NPL influx
6,408
3,965
602
2,357
1,581
2,959
87.2%
Domestic
4,866
978
520
2,275
624
2,795
347.9%
Overseas
1,542
2,987
82
82
957
164
-82.9%
Net write-offs
(6,157)
(4,432)
(455)
(2,309)
(1,989)
(2,764)
39.0%
NPL- ending balance
4,500
4,033
4,180
4,228
4,092
4,228
3.3%
Allowance for loan loss- beginning
22,414
23,728
25,014
25,745
23,728
25,014
5.4%
Provisions for loan loss
7,666
5,783
1,045
2,760
2,645
3,805
43.9%
Net write-offs
(6,157)
(4,432)
(455)
(2,309)
(1,989)
(2,764)
39.0%
Others
(195)
(65)
141
33
(3)
174
-5900.0%
Allowance for loan loss- ending
23,728
25,014
25,745
26,229
24,381
26,229
7.6%
Recovery from bad debt
3,471
3,012
717
1,192
1,839
1,909
3.8%
Domestic
3,414
2,876
701
1,175
1,736
1,876
8.1%
Overseas
8
92
5
6
82
11
-86.6%
Credit card
49
44
11
11
21
22
4.8%
1. Non-consolidated basis
Year-over-Year Comparison
2022 Quarterly
Full Year Results
  1. Non-consolidated basis

33

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First Sec. Operating Report

First Sec Income Statement Summary in NT$ million or %

in NT$ million or %
2018
2019
2020
2021
1H21
1H22
Change
Year-over-Year Comparison
Full Year Results
899
777
1,351
2,255
1,164
743
93.7%
293
220
242
383
178
183
115.2%
97
45
77
132
101
50
30.7%
29
270
476
555
359
138
54.6%
34
89
127
183
47
113
289.4%
1,352
1,401
2,273
3,508
1,849
951
89.7%
(1,260)
(1,172)
(1,489)
(1,879)
(921)
(755)
104.0%
77
86
80
83
47
33
76.6%
169
315
864
1,712
975
229
75.6%
(55)
(43)
(120)
(216)
(99)
(49)
118.2%
0
0
0
0
0
0
#DIV/0!
114
272
744
1,496
876
180
70.8%
1.81%
4.28%
11.05%
19.79%
24.02%
4.74%
-17.6%
0.61%
1.32%
2.81%
4.18%
5.10%
0.98%
-18.0%
1.42%
1.39%
1.46%
1.43%
1.38%
1.37%
3.6%
2.53%
2.29%
2.40%
2.30%
2.31%
2.38%
-0.4%
Brokerage commission
Net interest income
Underwriting commission
Transaction gains through F/V, net
Other operating income
Total operating income
Total operating expenses
Non-operating income
Income before tax
Income tax
Cummulative effect of change in
accounting principles
Net income
First Sec Key Ratios
ROAE (Annualized)
ROAA (Annualized)
Brokerage market share
Margin loan market share

34

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FSITC Operating Report

FSITC Income Statement Summary in NT$ million or %
FSITC Income Statement Summary
in NT$ million or %
2018
2019
2020
2021
1H21
1H22
Change
Total operating income
Management fee
640
615
584
656
334
304
-9.0%
Sales service fee
13
28
33
26
14
11
-21.4%
Total operating income
653
643
617
682
348
315
-9.5%
Operating expenses
(540)
(559)
(532)
(564)
(294)
(265)
-9.9%
Non-operating income
12
21
8
12
9
(5)
-155.6%
Income before tax
125
105
93
130
63
45
-28.6%
Income tax
(24)
(19)
(18)
(24)
(11)
(10)
-9.1%
Income after tax
101
86
76
105
51
35
-31.4%
Cummulative effect of change in accounting principles
0
0
0
0
0
0
#DIV/0!
Net income
101
86
76
105
51
35
-31.4%
y
FSITC Key Ratios
AUM
85,558
105,042
108,605
112,979
111,823
110,098
-1.5%
AUM Ranking
9
10
11
13
11
14
1. Non-consolidated basis
Year-over-Year Comparison
Full Yeart Results

35

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First Life Operating Report

First Life Financial Results Summary in NT$ million or %

==> picture [570 x 365] intentionally omitted <==

----- Start of picture text -----

Full Year Result Year-over-Year Comparison
2018 2019 2020 2021 1H21 1H22 Change
Income Statement Summary
Operating Revenue 13,506 14,435 14,865 14,401 7,543 8,415 11.6%
Premium Income 12,698 13,193 13,330 12,429 6,581 7,593 15.4%
Other insurance income 312 272 256 252 129 109 -15.5%
Net Investment Income 496 970 1,279 1,720 833 713 -14.4%
Operating Cost 13,022 13,565 13,743 13,047 6,863 7,969 16.1%
Reinsurance commission 49 59 68 78 37 45 21.6%
Reserves 11,192 11,304 10,745 9,312 5,028 5,610 11.6%
Claims 851 1,329 2,210 2,769 1,381 1,853 34.2%
Commission 930 873 720 888 417 460 10.3%
Others 0 0 0 0 0 1 --
Operating Expenses (638) (655) (730) (752) (353) (368) 4.2%
Profit/Loss of Operation (154) 215 392 601 327 78 -76.1%
Non-Operating Profit 0 0 0 0 0 2 --
Profit/Loss Before Tax (154) 215 392 601 327 80 -75.5%
Income tax 13 29 94 (1) 19 (52) -373.7%
Net Income after tax (141) 244 485 600 346 28.0 -91.9%
Key Ratios
ROAE(Annualized ratio) -13.46% 10.44% 14.02% 13.85% 16.12% 1.47% -90.9%
ROAA(Annualized ratio) -0.34% 0.47% 0.76% 0.82% 0.98% 0.07% -92.9%
----- End of picture text -----

36

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Q&A

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